Serbia’s economy has seen impressive revenue generation in 2024, with leading companies like the Oil Industry of Serbia (NIS) and Elektroprivreda Srbije (EPS) standing out as pillars of the economy. However, while some companies reported record profits, others faced significant challenges, reflecting a mixed economic landscape.
Top performers in Serbia’s economy
The most successful companies in Serbia span sectors such as energy, telecommunications and mining. According to the Agency for Business Registers (APR), EPS AD Belgrade was the top performer in 2023, generating 8.7% of Serbia’s net profit, marking the highest amount in its history. With a 39% increase in business income, EPS reached RSD 497.96 billion and remained the largest employer with nearly 20,000 staff members.
Zijin Mining ranked second in net profit with RSD 82.33 billion, while NIS faced a 55.2% drop in profit but still maintained its position as one of the top earners with RSD 394.92 billion in revenue. Telekom Srbija and Srbijagas were also among the most profitable companies, strengthening the overall economy.
Agriculture and processing industry
Agriculture continues to be a key economic sector in Serbia. Delta Agrar and MK Group lead in agricultural production, with both companies contributing significantly to exports. MK Group alone is responsible for 25% of Serbia’s total grain exports. Delta Agrar ranks among the largest exporters, with 205,911 tons of goods shipped. These companies also play a vital role in employment, particularly in rural areas.
Growth of the technology sector
Serbia’s IT sector is experiencing rapid growth, driven by digitization and favorable conditions for tech startups. In the first ten months of 2024, Serbia’s ICT services exports reached over €3.3 billion, a 20% increase from the previous year. Notable tech companies like Nordeus, famous for its game Top Eleven, and the international software company Endave are leading this sector’s growth.
Retail sector dynamics
The retail sector remains essential to Serbia’s economy. Major players like Delhaize Serbia, Mercator-Sa, and Dis dominate the market with expansive networks and customer-focused offerings. However, challenges such as e-commerce growth and increased competition from international chains like Lidl are reshaping the retail landscape, forcing companies to adapt to new consumer behaviors and global trends.
Future challenges and opportunities
While certain sectors in Serbia show strong growth, challenges remain, particularly the ongoing energy crisis in Europe. Rising energy costs and the shift toward sustainable sources are impacting businesses across the country. These challenges are encouraging investment in renewable energy and energy-efficient technologies, which will be key to Serbia’s future economic growth and stability. The future will depend on balancing current difficulties with long-term sustainability efforts.
